Whilst it has been reiterated many a time, research by consumer intelligence has found that 50% of customers still prefer to remain with their current insurance provider but this could be costing them dearly.
The survey seems to suggest that motorists are comfortable with their current provider and hence simply don’t want to shop around perhaps even believing that it takes a lot of time and that the level of service will decline.
Ian Hughes, Director at Consumer Intelligence, said “Insurance consumers are inherently the same. They aren’t all eager to leave as soon as they can. Bottom line, insurance is not interesting to consumers only to insurers. Consumers would rather have a fair value relationship with the company that helps them during times of upheaval. Other than that, there are more important things for them to spend their time and energy on”.
As it currently stands, loyalty by consumers is not rewarded by car insurance companies and it really pays to look around and seek out the best options.
To add, figures reveal that average premiums are expected to rise. According to Tiger Watch price monitor, the fall in premiums since 2011 has now come to an end and a price increase seems imminent. Whilst the prices offered in November 2014 are still lower by 5.3% compared to a year ago, on a monthly basis they have in fact increased by 4.3%.
Andrew Goulborn, Tiger.co.uk’s commercial director, commented, “We have seen a lot of volatility in the market in 2014..but the underlying trend for the last 3 months has been upwards, and this may continue into 2015”. The survey noted big changes in the demographics but as always it pays to shop for the best price and best cover.
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